On the day that oil almost hit $140 per barrel:
Ironically, GM once enjoyed a significant lead in the electric car business. In the late 1990s, it produced more than 1,000 experimental EV1 electric cars – one of the greenest vehicles ever made. GM leased the cars to hundreds of enthusiasts, who fell in love with the plug-in vehicle.
But in 2000, the company pulled the plug on the plug-in after sinking $1-billion into the venture, convinced that it would never make money selling a fringe car to geeks.
Eight years and a quadrupling in the price of gasoline later, (GM CEO) Rick Wagoner now readily admits killing the EV1 was one of his biggest mistakes.
Just one, mind you – just one of his biggest mistakes.
Will GM and Ford be going to government to bail them out and finance their transition to ‘green’?
Detroit and Oshawa, with the Texas and Alberta oil culture, have taken us down a tragic road.